After Hours Report

Updated: 21-Apr-25 17:08 ET

Calix Networks soars following upbeat guidance and additional $100 mln for repurchases

The stock market tumbled right out of the gate to start the new week. Major equity indices remained in a steady decline through most of the session. The Dow Jones Industrial Average dropped 970 points, the Nasdaq Composite closed 2.6% lower than Thursday, and the S&P 500 logged a 2.4% decline.

The continuation of last week's selling was driven by deepening concerns about trade policy and fresh political pressure on the Federal Reserve. A warning from China urging nations to steer clear of U.S. trade deals that could disadvantage Beijing, along with talk that President Trump’s team is exploring whether he can lawfully remove Federal Reserve Chair Jerome Powell was at the heart of the market narrative today.

The warning from China piles onto existing worries about the trade war situation and the news about the Trump administration calls into question the stability of the central bank's longstanding independence.

The broad market retreat had a risk-off bias. Big tech and other mega caps led the declines, resulting from influential moves in NVIDIA (NVDA 96.91, -4.58, -4.5%), Microsoft (MSFT 359.12, -8.66, -2.4%), Apple (AAPL 193.16, -3.82, -1.9%), and Tesla (TSLA 227.50, -13.87, -5.8%).

Adding to the downbeat tone, the U.S. dollar weakened, and longer tenors logged gains in the bond market. The 10-year Treasury yield was up seven basis points to 4.41%, while the U.S. Dollar Index was 1.1% lower at 98.29.

Dow Jones Industrial Average: -10.3% YTD
S&P 500: -12.3% YTD
S&P Midcap 400: -14.1% YTD
Nasdaq Composite: -17.8% YTD
Russell 2000: -17.5% YTD

Reviewing today's economic data:

March Leading Indicators -0.7% (Briefing.com consensus -0.4%); Prior was revised to -0.2% from -0.3%

There's no U.S. economic data of note tomorrow.

Tuesday's calendar features results of the $69 billion 2-yr Treasury note auction at 1:00 p.m. ET.

Overseas:

Europe: DAX market closed, FTSE market closed, CAC market closed
Asia: Nikkei -1.3%, Hang Seng market closed, Shanghai +0.5%

Commodities:

Crude Oil -1.51 @ 62.45
Nat Gas -0.22 @ 3.02
Gold +99.10 @ 3426.90
Silver -0.46 @ 32.45
Copper +0.02 @ 4.72

After-Hours Spotlight:

AZZ (AZZ) reports EPS in-line, misses on revs; reaffirms FY26 EPS guidance, revs guidance... AZZ down 5.9%
Calix Networks (CALX) beats by $0.06, beats on revs; guides Q2 EPS above consensus, revs above consensus; authorizes the repurchase of up to an additional $100 mln of its common stock; brings total to $300 mln... CALX up 14.0%
Medpace (MEDP) beats by $0.61, beats on revs; guides FY25 EPS above consensus, revs in-line; approves increase of $1.0 bln to its share repurchase program... MEDP down 9.7%

Fair Value for Monday, April 22:

S&P 500: 5,186
Nasdaq 100: 17,920
DJIA: 38,338

Today's News Summary:

For a full rundown of today's market and after hours developments, see Live In Play

Earnings/Guidance (Full E arnings Calendar):
- Allegiant Travel (ALGT) reports March 2025 traffic; March 1,887,902 +14.4% yr/yr to 1,887,902; March load factor of 82.4% versus 85.9% prior
- Bank of Hawaii (BOH) beats by $0.08
- Beacon Roofing Supply (BECN) sees Q1 revs above consensus
- Comerica (CMA) beats by $0.09
- Dynex Capital, Inc. (DX) announces first quarter 2025 results
- Excelerate Energy (EE) reports preliminary estimated Q1 results
- First Financial Bankshares (FFIN) reports EPS in-line
- Forward Air (FWRD) sees Q1 (Mar) revs of $611-615 mln vs. $618.95 mln FactSet Consensus and consolidated EBITDA $66-70 mln vs $54-59 mln prior estimate
- Independent Bank Corp. (INDB) Reports First Quarter Net Income of $44.4 Million
- Minerals Tech (MTX) issues downbeat Q1 revenue guidance; provides update on subsidiary's Chapter 11 case
- Netflix (NFLX) beats by $0.94, reports revs in-line; guides Q2 EPS above consensus, revs above consensus; reaffirms FY25 revs guidance
General News
- Chicago Fed President Austan Goolsbee (voting FOMC member) in interview says preemptive tariff purchasing may cause an "artificially high" level of economic activity, but actively could drop off by the summer, according to CBS News
- White House economic adviser Kevin Hassett says President Trump is studying whether he can fire Fed Chairman Jerome Powell, according to Reuters
- President Trump expects China trade deal within in 3-4 weeks, but direct talks are at a standoff, according to Politico
- China warned nations not to agree to trade deal with US that could hurt China, according to Bloomberg
- China state funds cut off investments in U.S. private equity firms, according to Financial Times
- Iran says there was progress in nuclear talks with US and additional meetings were scheduled, according to Bloomberg
- US offering to ease sanctions on Russia in exchange for peace deal, according to Bloomberg
- Japan considers easing auto import safety rules amid tariff negotiations, according to Nikkei
- Japan considers increasing soybean imports from U.S. as part of trade deal, according to Reuters
- Secretary of Defense Pete Hegseth shared Yemen attack plans with second group on Signal, according to the New York Times
- Illegal border crossings reach lowest levels in decades, according to the Wall Street Journal
- Trump Administration advances first wave of critical mineral production projects
- USTR Section 301 action on China’s targeting of the maritime, logistics, and shipbuilding sectors for dominance
- Interior announces eleventh national outer continental shelf oil and gas leasing program
- President Trump calls on Fed Chairman Jerome Powell to make "Preemptive Cuts"; says there can be "slowing of the economy" unless Mr. Powell does this (Jeremy Siegel also called for rate cuts on CNBC this morning)
- Mexico's President Sheinbaum at press conference says that she had a phone call with President Trump, but did not reach an agreement
- India Prime Minister Shri Narendra Modi met with Vice President JD Vance; says "welcomed the significant progress in the negotiations for a mutually beneficial India-U.S. bilateral trade agreement focused on the welfare of the people of the two countries"
- White House looking for a new Secretary of Defense, according to NPR
- White House Press Secretary Karoline Leavitt denies NPR report that White House is looking for new Secretary of Defense; says President Trump stands strongly behind Pete Hegseth
- AeroVironment (AVAV) has been awarded a $46.6 mln contract by the Italian Ministry of Defence for the delivery of its JUMP 20 vertical takeoff and landing medium uncrewed aircraft system
- Alphabet (GOOG) confirmed U.S. District Court for the Eastern District of Virginia issued a mixed decision
- Ameresco (AMRC) announces €303.4 million EPC Contracts for three solar parks located in the southwestern region of Romania
- Apollo Global Management (APO) Chairman Jay Clayton to resign, effective April 21; CEO Marc Rowan appointed to expanded role of CEO and Chairman
- ASA Gold and Precious Metals (ASA): Saba Capital files lawsuit against ASA Gold and Precious Metals and its legacy directors over latest unlawful poison pill
- Ascentage Pharma (AAPG) Announces Inclusion of Lisaftoclax and Olverembatinib in Chinese Society of Clinical Oncology (CSCO) 2025 Guidelines
- AstraZeneca (AZN) reports ENHERTU Plus Pertuzumab demonstrated highly statistically significant and clinically meaningful improvement in progression-free survival versus THP
- Bank of Hawaii (BOH) Vice Chair and CFO Dean Y. Shigemura will step down as CFO effective June 30, 2025
- Blaize Holdings (BZAI) selected by the Chungbuk Institute of Science and Technology to develop the region’s Digital Innovation Hub, expanding AI-powered smart city solutions across Chungcheongbuk-do, South Korea
- Boeing (BA) returning refused jets from China, according to Bloomberg
- Boeing (BA): Air India could take Boeing jets rejected by China carriers, according to Bloomberg
- Bristol-Myers (BMY) receives FDA label updates for CAMZYOS
- BW LPG Ltd (BWLP) completes share buyback program
- Cadence (CDNS) Enables Next-Gen AI and HPC Systems with Industry’s Fastest HBM4 12.8Gbps IP Memory System Solution
- Cadence (CDNS) advances AI in the cloud with industry-first DDR5 12.8Gbps MRDIMM Gen2 memory IP system solution
- Cars.com (CARS) furnishes internal marketing newsletter that was inadvertently emailed to an external mailing list
- Chevron (CVX) started oil and natural gas production from the Ballymore subsea tieback in the deepwater Gulf of America
- Concentra (CON) announces the signing of a definitive agreement to acquire Pivot Onsite Innovations from Athletico Physical Therapy
- Discover Financial Services (DFS) provided FDIC updates
- Edwards Lifesciences (EW): Eight-Year Data Confirm Long-Term Durability of Edwards’ RESILIA Tissue
- Ford (F) halted shipments of certain models to China, according to the Wall Street Journal
- Granite Constr (GVA) awarded an ~ $80 million contract by the Texas Department of Transportation to upgrade a section of Farm to Market 548 (FM 548) near Forney, TX
- Harley Davidson's (HOG) Board having disputes about CEO and remote work policies, according to the Wall Street Journal
- Hertz Global (HTZ) CEO Gil West sent letter to employees about Bill Ackman's stake; says he is “encouraged” and “energized”, according to CNBC
- Immunovant (ROIV) Announces Next Phase of Growth with Roivant Including Changes to its Leadership Team and Additional Indications Sjögren’s Disease and Cutaneous Lupus Erythematosus for IMVT-1402
- James River Group (JRVR) discloses JRG Reinsurance stock purchase agreement adjustments
- Johnson & Johnson (JNJ) unveils highly anticipated and potential practice-changing data in bladder cancer treatment at AUA
- Keros Therapeutics (KROS) entered into a letter agreement with Pontifax
- Lending Club (LC) enters into definitive agreement to acquire a property in San Francisco for $74.5 mln that will serve as its headquarters
- Meta (META) CEO Mark Zuckerberg answered various questions at FTC trial last week, according to Politico
- Mohawk (MHK) entered into a stipulation and agreement of settlement to resolve four related stockholder derivative actions and related demands
- Motorola Solutions (MSI) aiming to introduce new AI tool to lower emergency response time, according to Reuters
- Nano Dimension's (NNDM) subsidiary, Desktop Metal, commences a process to explore all available strategic alternatives
- Neogen (NEOG) announces sale of Cleaners & Disinfectants Business for $130 mln in cash
- Netflix (NFLX): Reed Hastings to transition from executive officer position; effective April 17, Reed Hastings will transition to serve as Chairman and non-executive director
- Novo Nordisk A/S (NVO) spokesperson says it asked FDA to approve oral version of Wegovy, according to BioPharma Dive
- NVIDIA (NVDA): Huawei preparing new AI chip for mass shipment to compete with NVDA, according to Reuters
- NVIDIA (NVDA) chip experienced delays due to "major" problems, according to Semi Accurate
- OptimizeRx (OPRX) plans for additional Board of Directors refreshment
- Pacira BioSciences (PCRX) authorizes up to an aggregate of $300 mln for share repurchases; reinforces confidence in 5x30 plan
- Pediatrix Medical Group's (MD) PMG Services amended master services agreement with Guidehouse
- Pepsi (PEP) could be impacted by tariffs because it makes nearly all of the concentrate in Ireland, according to the Wall Street Journal
- Perpetua Resources (PPTA) announces that the Stibnite Gold Project has been selected as a Transparency Project
- Phillips 66 (PSX) Issues Letter to Shareholders
- Piedmont Lithium (PLL): Sokoman Minerals Corp. to seek shareholders approval to spin-out shares of Vinland Lithium
- Regeneron Pharma (REGN) receives complete response letter for sBLA for the addition of extended dosing intervals (up to every 24 weeks) for EYLEA HD Injection 8 mg across all approved indications
- Riot Platforms (RIOT) amended services agreement with Clear Capital Management Corp to renew the engagement of Mr. Colin Yee as CFO
- RTX's (RTX) Collins Aerospace demonstrated new technology that helps the military gather and use information from a wider range of sources at Project Convergence Capstone 5
- Sable Offshore Corp. (SOC) confirms court denied the Commission's request for a temporary restraining order
- Sanofi (SNY) and Regeneron (REGN) receive FDA approval of Dupixent as first new targeted therapy in over a decade for chronic spontaneous urticaria
- SmartStop Self Storage REIT (SMA) flips to fully unsecured on its senior credit facility and private placement notes
- Southern (SO) increases quarterly cash dividend to $0.74/share from $0.72/share
- Sweetgreen (SG) COO Rossann Williams to depart, effective immediately
- Synaptics (SYNA) entered into new Change in Control and Severance Agreements for Executives effective as of April 17, 2025
- Tesla (TSLA) aiming to delay US launch of more affordable Model Y, according to Reuters
- TKO Group Holdings' (TKO) WWE has announced its acquisition of leading Mexican lucha libre promotion AAA in partnership with Mexico-based sports and entertainment holding company, Fillip
- TotalEnergies SE (TTE) announces the start of production from the deepwater Ballymore field offshore U.S., in which the Company has a 40% interest alongside operator Chevron (CVX)
- Toyota (TM) considers shifting production of RAV4 SUV in U.S. due to tariffs, according to Reuters
- TSMC (TSM) believes ability to keep artificial intelligence chips out of China is limited, according to Bloomberg
- Two Harbors Investment (TWO) confirmed that William Dellal has been designated as the Vice President and Chief Financial Officer and will serve in such role until further notice
- Uber (UBER) CEO Dara Khosrowshahi says "Hertz (HTZ) has been a great partner of UBER -- excited to brainstorm on how we can expand on our relationship!"
- Uber (UBER): FTC takes action against Uber for deceptive billing and cancellation practices
- U.S. Antimony (UAMY) has restarted the Madero Smelter Plant located in Coahuila, Mexico
- V2X (VVX) is one of four award recipients of LOGCAP V and has several task orders
- Valneva SE (VALN) provides update on ACIP Recommendation for its chikungunya vaccine IXCHIQ
- Varonis Systems (VRNS) a new partnership with Pure Storage (PSTG) to protect data and prevent breaches in today’s top storage platform
- Veris Residential (VRE) nears deal to offload final stake in $430M Jersey City high-rise, according to Bloomberg
- Walgreens Boots Alliance (WBA) entered into a settlement agreement with the DOJ on April 18
- Walmart (WMT) and Target (TGT) among the retailers that President Trump plans to meet with today, according to Bloomberg
- Zai Lab (ZLAB) announced that China’s National Medical Products Administration has accepted the supplemental New Drug Application for repotrectinib for the treatment of adult patients with solid tumors that harbor a neurotrophic tyrosine receptor kinase gene fusion
- Zevra Therapeutics (ZVRA) files definitive proxy statement and mails letter to stockholders; urges stockholders to defend board independence from majority influence
- Zimmer Biomet (ZBH) has completed the acquisition of Paragon 28 (FNA)

Upgrades:
- Banner Corp. (BANR) upgraded to Buy from Neutral at Janney, tgt $71
- BBB Foods (TBBB) upgraded to Outperform from Market Perform at Itau BBA, tgt $36
- Centerspace (CSR) upgraded to Outperform from Market Perform at Raymond James, tgt $66
- Ecolab (ECL) upgraded to Buy from Neutral at Seaport Research, tgt $290
- Expand Energy (EXE) upgraded to Overweight from Sector Weight at KeyBanc, tgt $130
- FIS (FIS) upgraded to Buy from Hold at TD Cowen, tgt $92
- F.N.B. (FNB) upgraded to Outperform from Market Perform at Keefe Bruyette, tgt $16.50
- Imperial Oil (IMO) upgraded to Outperform from Peer Perform at Wolfe Research
- Infosys (INFY) upgraded to Buy from Hold at Investec
- Innospec (IOSP) upgraded to Buy from Neutral at Seaport Research, tgt $115
- Intellia Therapeutics (NTLA) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $21
- Netflix (NFLX) upgraded to Neutral from Reduce at Phillip Securities, tgt $950
- Norwegian Cruise Line (NCLH) upgraded to Buy from Hold at Loop Capital, tgt $25
- Salesforce (CRM) upgraded to Neutral from Sell at Guggenheim
- Spotify (SPOT) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $660
- Walt Disney (DIS) upgraded to Outperform from Peer Perform at Wolfe Research, tgt $112
- Wolverine World Wide (WWW) upgraded to Outperform from Neutral at Robert W. Baird, tgt $15
Downgrades:
- Axcelis (ACLS) downgraded to Neutral from Buy at B. Riley, tgt $50
- Amazon.com (AMZN) downgraded to Outperform from Strong Buy at Raymond James, tgt $195
- Canadian Imperial Bank of Commerce (CM) downgraded to Hold from Buy at Jefferies
- Global Payments (GPN) downgraded to Hold from Buy at TD Cowen, tgt $78
- Global Payments (GPN) downgraded to Hold from Buy at Jefferies, tgt $75
- Infosys (INFY) downgraded to Neutral from Buy at Goldman, tgt $17.90
- Murphy Oil (MUR) downgraded to Sector Weight from Overweight at KeyBanc
- Prologis (PLD) downgraded to Peer Perform from Outperform at Wolfe Research
- Salesforce (CRM) downgraded to Underperform from Neutral at DA Davidson, tgt $200
- UnitedHealth (UNH) downgraded to Hold from Buy at Argus
- Warner Music (WMG) downgraded to Equal Weight from Overweight at Morgan Stanley, tgt $32
Others:
- Abercrombie & Fitch (ANF) initiated with an Equal Weight at Barclays, tgt $71
- Context Therapeutics (CNTX) initiated with an Outperform at William Blair
- Dycom (DY) initiated with an Overweight at JPMorgan, tgt $200
- Genius Sports (GENI) initiated with a Buy at Deutsche Bank, tgt $12
- Grail (GRAL) initiated with a Buy at Canaccord, tgt $32
- Staar Surgical (STAA) initiated with an Equal Weight at Wells Fargo, tgt $17
- Tectonic Therapeutic (TECX) initiated with an Outperform at Mizuho, tgt $51
- Tempus AI (TEM) initiated with a Buy at BTIG Research, tgt $60
- Unicycive Therapeutics (UNCY) initiated with a Buy at Guggenheim, tgt $6
- Verona Pharma (VRNA) initiated with an Overweight at Cantor Fitzgerald, tgt $80
- Xencor (XNCR) initiated with an Outperform at William Blair
- Zillow Group (ZG) initiated with a Market Perform at William Bla

Econ Data (Tuesday):
- No Data on Tomorrow's Schedule
Earnings:Monday (April 21)
Pre-Market: BOH CMA
After-Hours: AZZ BOKF CADE CALX CATY ELS HXL MEDP WRB WAL WTFC ZION
Tuesday (April 22)
Pre-Market: MMM DHR ELV EFX GE GPC HRI HOPE IVZ IRDM KMB LMT MCO MSCI NTRS NOC ONB PNR PHM DGX RTX SYF UCB VMI VZ
After-Hours: ADC BKR COF CB EWBC ENPH EQT ISRG MANH NBHC PKG CASH PEGA PFSI RRC RNST SAP STLD TSLA TRMK VBTX WFRD ZWS
Wednesday (April 23)
Pre-Market: APH T AVY BA BSX CHKP CME FHB GATX GEV GD HCSG LII LAD MHO MAS COOP EDU NEE NSC OFG ODFL OTIS PM BPOP PRG PB R SF TMHC TEL TDY TMO TNL UMC VRT VIRT WAB WSO
After-Hours: ALK ASGN BANC NTB CACI CSL CCS CHE CMG CHDN CYH CLB DFS EGP EW ESI EPRT FAF FE GSHD GGG IBM IMAX PI KALU KNX LRCX LVS MTDR MXL MTH MC MOH NEM ORLY OII PEN PTEN PLXS QS RJF RS RNR RMD RLI RHI ROL SEIC SIGI NOW STC TXN TYL URI VKTX WU WHR
Thursday (April 24)
Pre-Market: ADT ALLE AB AAL AMP APOG AMBP AUB BCPC BHLB BFH BMY BC CRS CBZ CBRE CNP CMS CNX CURB CUBI DAR DOV DOW EEFT FBP FRME FCFS FI FCX FCN THRM GPI HAS HELE ITGR IPG KDP LHX LKQ MRK MBLY NDAQ NOK NVCR ORI PPBI PEP PCG POOL PRCT PG RES SNY SAH LUV STM STRA FTI TXT TSCO TRU TPH UNP VLO VLY VC WBS WST WTW WNS XEL
After-Hours: GOOG APPF ASB SAM BYD COLB COUR DLR EMN EHC FHI FFBC GLPI GILD GBCI HIG DOC INTC KNSL KN MGRC MMSI MTX PECO PFG PFS RSG SLM SBCF SKX SKYW SSB SPSC SSNC TMUS VRSN WY WKC WSFS
Friday (April 25)
Pre-Market: ABBV AON AN AVTR CNC CHTR CL FLG GNTX HCA HTH LAZ LYB PSX PHIN POR RITM SAIA SXT SLB STEL TNET
After-Hours: None